| Libyan sovereign wealth fund, which is suing Goldman, estimates the US investment bank made $350m in upfront profit on nine derivatives products. A high court judge has ordered Goldman Sachs to reveal how much profit it made on a deal that lost Libya’s government more than $1bn when financial bets turned sour.
The Libyan Investment Authority, created in 2006 to look after the country’s oil riches, accused the Wall Street bank of duping it into making investments that its “naive” staff didn’t understand. The $66bn sovereign wealth fund is suing Goldman in the high court in London after it lost $1bn from investing in complex derivative investments that collapsed in value during the 2008 financial crisis.......................................Full Article: Source
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